Vietnam

New Documents

Deputy Governor of the State Bank of Vietnam, Nguyen Kim Anh, highlighted the efforts made by Vietnam to improve the payment infrastructure and develop digital banking during a meeting with Citibank Vietnam representatives.

The State Bank of Vietnam’s Deputy Governor Nguyen Kim Anh issued remarks at a conference on ensuring information security and safety in the banking sector, in particular through digital banking and increased focus on technology and service innovation.

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. Department of State categorizes Vietnam as a major money laundering jurisdiction. Vietnam’s economy is largely cash-based and while the use of bank accounts is increasing but remains vulnerable to money laundering through false declarations, including fictitious investment transactions and customs fraud, The Department of State additionally notes that Vietnam’s tech-savvy population and newly legalized local casinos may lead to additional exposure to illicit finances. Such illicit finances stem from high-value sales of luxury items and real estate; public corruption. Sources of illicit funds include organized crime groups in Asia, Europe, and North America. Vietnam has in place know your customer and suspicious transaction reporting requirements. In 2018, Vietnam prosecuted over 90 defendants accused of criminal charges associated with illegal online gaming and obtained convictions against almost all defendants, including four on money laundering charges.
Source: 2019 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 1 High :
Largely Compliant : 3 Substantial :
Partially Compliant : 25 Moderate :
Non-Compliant : 18 Low :
Not-Applicable : 2

BASEL i

Rank : 8/125
Score : 7.3/10

TRANSPARENCY INTERNATIONAL i

Rank : 96/180
Score : 37/100

Tax Justice Network i

Rank : 37/133
Score : 74/100